Commercial Attaché of the Consulate General of the Czech Republic in Istanbul and Teknik Fairs cooperated to organize a conference in the field of Nanotechnology and Nonwoven at HIGHTEX 2018 Exhibition. At the bilateral talks, the Czech Republic Commercial Attaché Mr. Jan Ondrejka gave a good news that a procurement committee composed of at least 20 people would visit the HIGHTEX and ITM 2018 Exhibitions.
Free Trade Agreement between the two countries Turkey and Pakistan is under-negotiation. Trade will jump once FTA is finalized. Pakistan especially Lahore is an investment hub for the Turkish investors. Turkish Ambassador Mustafa Yurdukal said that friendly and cordial relations between Turkey and Pakistan should be translated into trade and economic ties.
The cotton market on Wednesday was in the process of modest trading with strong demand for quality lint pushing the rates sharply up. According to the market sources, prices gained momentum on fresh buying interest by the spinners to replenish their stocks.
The official spot rate after maintaining a stable trend went up by Rs 100 to Rs 7000, dealer said. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000 while in the ready session, approximately, 5000 bales of cotton changed hands between Rs 7000-7400.
Luthai Textile, one of the market leader in apparel textile from China with strong business relationship globally, has been recording a steadily growing demand for its high-quality fabric products in China and in over 30 export markets around the world, attributes the company’s success to speed in commercialising carefully researched innovations and to close working partnerships with companies like Invista said Assistant General Manager Wang Changzhao.
The Pakistan business community welcomes the European Union decision to retain the generalized system of preferences (GSP) plus status for two year. Under GSP+ Pakistani goods have duty-free access on 91 percent of EU tariff lines. The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has stressed the need for an aggressive marketing plan, besides implementing the prime minister’s export package to maximise benefits from the decision.
Vardhman Textiles Ltd (VTL) a Punjab based major integrated textile producer in India to cope up with the persistent volatility in cotton prices has started hedging on Multi Commodity Exchange of India Ltd. (MCX).
It is of vital importance for VTL to hedge cotton prices, as it constitutes more than 4 percent of the country’s yarn production capacity. They believe that hedging the cotton prices will help VTL to maintain its margins.
The African countries to enhance textile manufacturing sector that presently contributes 8.7 percent to the regional Gross Domestic Product to 25 percent by 2032. In March 2016, the head of states in the East African Community (EAC), which comprises of Uganda, Kenya, Tanzania, Rwanda, Burundi and South Sudan, had agreed to ban import of used clothes from the US and UK into the region in three years as part of the EAC Vision 2050 and the Industrialization Policy. The countries are hoping that local factories will create much-needed jobs and increase exports.
A surprise country will take place at the ITM 2018 Exhibition, in which the heart of the textile world will beat and the sector leaders will be introducing their latest technological products, in the present year. The Panama Colon Free Trade Zone, the world's second largest free trade zone, will take part at its booth at ITM.
Shasha Denims Limited (SDL), a sister concern of Shasha Group, one of the leading denim fabric producers in Bangladesh suitably located at Dhaka Export Processing Zone (DEPZ) with the best available infrastructural facility plans to acquire 40 percent stake of EOS Textiles Mills Limited worth approximately Tk 480 million.
The Shasha Denims said that approximately Tk 480 million, of which Tk 300 million will come from IPO fund, as per approval by shareholders in the 20th annual general meeting, said a disclosure posted on the Dhaka bourse’s website on Sunday.
To help the Indian jute industry to compete with neighbouring Bangladesh in diversified jute products, the Union minister Smriti Irani at an ICC event last evening has called for an improvement in raw jute quality.
For the purpose, the jute farmers will have to be given good seeds which would also raise productivity and their income level.
She said that this is a pressure on the jute industry and the issues are related to the quality of raw jute. The quality can be improved by using good quality seeds.
Irani also advocated the use of jute in building road infrastructure.
